Company Raises Expansion Capital as World’s First AI-Driven Wireless LAN Experiences Hyper-Growth
Cupertino, CA, February 28, 2018
Mist, the pioneer in self-learning wireless networks powered by Artificial Intelligence (AI), today announced the close of an over-subscribed $46 million Series C financing, taking the total investment in the company to approximately $88 million. The round was led by Kleiner Perkins, with additional funding from Lightspeed Venture Partners, Norwest Venture Partners, GV (formerly Google Ventures), NTT DOCOMO Ventures, and Dimension Data. In addition, Mamoon Hamid (General Partner at Kleiner Perkins) and Rob Lopez (Group Executive – Networking and Data Centre at Dimension Data) join Mist as board observers.
With the latest round of financing, Mist will grow sales and marketing resources globally and continue to invest in engineering, especially in the area of Artificial Intelligence. In addition, the company will continue to develop a robust channel of Managed Service Providers (MSPs) and collaborate with leading ecosystem and Original Equipment Manufacturer (OEM) partners.
“Mist is leading the AI-driven IT space with the world’s first self-learning Wireless LAN, which automates wireless operations, minimizes costs and provides unprecedented insight into mobile user experiences,” said Sujai Hajela, CEO and co-founder of Mist. “We are humbled by the amazing array of customers who have trusted their wireless infrastructure to Mist, and grateful to the investment community for their unwavering supporting of Mist as we fulfill our mission of being the leader in AI-driven IT.”
Mist first began shipping the Mist Learning WLAN in 2016. The subsequent year the company saw approximately 1000 percent sales growth, with over 250 customers at the end of 2017. The company has over 150 reseller partners worldwide, including distributors in North America, EMEA, and Japan. Mist has been honored with many industry accolades in the past two years, including distinction as a visionary in two recent Gartner Magic Quadrants (Wired and Wireless LAN Access Infrastructure and Indoor Location Services, Worldwide).
“Mist is revolutionizing mobile user experiences with its unique blend of AI-driven and cloud-based wireless networking products,” said Kleiner Perkins General Partner and Managing Director Mamoon Hamid. “We are thrilled to be working with such an outstanding company, and look forward to continued success as Mist’s self-learning networks become the IT norm.”
Mist built the first AI-driven wireless platform, designed specifically for the Smart Device Era. The Mist Learning Wireless LAN makes Wi-Fi predictable, reliable and measurable by providing unprecedented visibility into the user experience and by replacing time consuming manual IT tasks with proactive automation. In addition, Mist is the first vendor to bring enterprise-grade Wi-Fi, BLE and IoT together to deliver personalized, location-based wireless services without requiring battery-powered beacons. All operations are managed via Mist’s modern cloud architecture for maximum scalability, agility and performance.
The Mist team consists of leading experts in wireless, machine learning and cloud, who are responsible for building the largest and most advanced networks in the world. Founded in 2014, the company is based in Cupertino, CA and funded by top investors, including Lightspeed Venture Partners, Norwest Venture Partners, GV (formerly Google Ventures) and Cisco Investments.
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